Technology is the only solution to any modern world problem. You can do anything but cannot ignore technology in your life. We are end-to-end related to technological aspects, and we cannot think of a day without the usage of technology.
Blockchain is the only 21st-century technology that has the potential to solve many real-world problems. You might not understand now, but after reading this article, you will realize the actual essence and importance of Blockchain technology so far.
In 2008, a group of people or a person first invented Blockchain with the pseudonym of Satoshi Nakamoto. We do not know the actual source, but we know that it then served as the public distributed ledger for the Cryptocurrency transactions.
Cryptocurrency has been very popular since then, and Blockchain invented Bitcoin in 2009. However, Bitcoin has been ruling the market for over a decade and is gaining new customers daily. If you want to try the same, you can go for the bitcoin billionaire.
What Is Blockchain Technology?
Blockchain is basically the dataset that can record and keep all your transactions safe and secure like never before. It works on a public distributed ledger to enhance the transparency of transactions but make it anonymous to the third party.
It is a P2P network that works with a consensus mechanism. In this process, a single data or value on a computer system can use the distribution process to proceed with an agreement for the multi-agent system like Cryptocurrencies.
It does not consider any centralized authority for its transaction purposes. Thus you can keep your identity anonymous for your safety from hackers. In addition, the Cryptography process can be helpful for increasing the security process.
Real-World Problems To Solve By Blockchain
There are various real-world problems that we face in our daily work. We do not want a temporary solution but a permanent solution to all the real-world problems that we currently face. Thanks to the developers for introducing Blockchain to us.
There are major problem areas that can be solved through the help of Blockchain. We are going to dig into those areas so that you can understand the importance of Blockchain in the current circumstances.
1. Supply Chain
The mismanagement of the supply chain process can be mitigated through Blockchain technology. Blockchain can help you to keep every record throughout the supply chain process and let you diminish fraud and transparency issues.
2. Voting
Corruption in the voting process is always there, and that is a big concern from the political aspect.
To mitigate the issues with voting, Blockchain can be used efficiently. Voting is a crucial aspect of any country. Think about a voting system that cannot be manipulated and done with accuracy and transparency. This is possible now with Blockchain technology.
3. Cross-Border Payments
We use digital transaction processes, but we still face huge problems with cross-border payments. We need to face so many problems like server error, slow transaction process and also the high charges of payments.
The tension will go with Blockchain technology, where you can send money anywhere in the world with a very low transaction fee. This is also a very fast process without any obstacles.
4. Real Estate
In this modern world, we want to go digital, and thus paperless processes are always preferred. But with digital processes, fraudulent activities are high, and that is a nail-biting tension for many real estate entrepreneurs.
In contrast, they can now use Blockchain to make the settlements faster than before and without any insecurity of fraud.
5. Healthcare
This is an essential sector of our society, and we all want to keep it advanced and smooth. Data protection and better management will be available with the Blockchain process, and also healthcare profiling will be better than ever.
6. Identity Theft
Your identity is your unique ability to show that you are different from others. There are different prospects of an identity that can be misused by any cyber attackers. So, it’s important to protect the sake of your identity at any cost.
Blockchain offers unique IDs that cannot be manipulated or altered in any way.
Solve Your Problems With Blockchain
The advancement of Blockchain indicates the future of digitalization. We cannot go back to the ancient age, and thus we have to face cyber crimes and other fraudulent issues.
Blockchain is the innovation that we want to keep with us as it has the ability to enhance the proper to protect our identity and increase defense against manipulation and fraud.
